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I have quite a few, like 20, different store credit cards issued by WFNNB. Due to the recent minimum pmt requirements, all of these pmts have been increased. I can't afford this. Any suggestions as to what I should do? Should I call WFNNB to try to get better terms?
I am not sure they will change terms. If you twenty cards, is there a way for you to consolidate?
you can sit down with a non profit credit counseling agency. NOT one of those scams where they promise to cut your debt in half.
http://www.nfcc.org/
this is required by the bankruptcy court and it will help you decide what to do.
credit card minimum payments
Hi Guest,
Please provide more information on your credit. The balance on these cards, the interest rates, minimum payments, etc. These information are needed to help you in your problem.
However, it seems that as cinnamngrl mentioned you can try consolidating your cards into one single debt. You have several credit cards and thus you are required to make several payments each month. If you consolidate the cards, you will be required to make a single monthly payment.
You can try do it yourself (DIY) debt consolidation. In DIY debt consolidation you can transfer balances from all high interest credit cards to one with low interest. Thus, the interest rate get lowered and the monthly payment too is lowered.
However, if you can't consolidate the bills on your own, you can take from a debt consolidation company who will help you in analyzing your financial situation. On the basis of this they will enroll you in a debt consolidation program if required and will negotiate with all your creditors.
Thanks,
Aaron